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12/03/2012
<br />assessed valuation of any particular Taxable Parcel presented in this Official Statement may
<br />not necessarily be representative of the actual market value of that parcel.
<br />Historical Assessed Values. The following Table 4 sets forth the total San Mateo
<br />County land and structure assessed values for the Taxable Parcels in the District for the
<br />current and each of the last eleven fiscal years.
<br />Table 4
<br />Historical Assessed Values of Taxable Parcels")
<br />(1) Aggregate San Mateo County Assessed Values for all Taxable Parcels in the District.
<br />Source: Willdan Financial Services, based on information obtained from County of San Mateo records.
<br />General hiforinatioii Regarding Value -to -Burden Ratios. The value -to -burden ratio
<br />with respect to bonds secured by special taxes will generally vary over the life of those bonds
<br />as a result of changes in the value of the property that is security for the special taxes and the
<br />principal amount of the bonds.
<br />In comparing the aggregate assessed value of the Taxable Parcels within the District
<br />and the principal amount of the Bonds, it should be noted that an individual Taxable Parcel
<br />may only be foreclosed upon to pay delinquent installments of the Special Taxes attributable
<br />to that Taxable Parcel. The principal amount of the Bonds is not allocated pro -rata among the
<br />Taxable Parcels within the District based on assessed value; rather, the principal amount of the
<br />Bonds has been allocated based on the allocation of Special Taxes among the Taxable Parcels,
<br />and the total Special Taxes have been allocated among the Taxable Parcels within the District
<br />according to the Rate and Method.
<br />Economic and other factors beyond the property owners' control, such as economic
<br />recession, deflation of land values, financial difficulty or bankruptcy by one or more property
<br />owners, or the complete or partial destruction of Taxable Parcels caused by, among other
<br />possibilities, earthquake, flood, fire or other natural disaster, could cause a reduction in the
<br />assessed values of the property witl-in the District. See "SPECIAL RISK FACTORS—Property
<br />Value" and "Bankruptcy Delays."
<br />Value -to -Burden Ratio Distribution. The following Table 5 sets forth the distribution of
<br />assessed value -to -burden ratios among the owners of Taxable Parcels based on Fiscal Year
<br />2011-2012 assessed values and their estimated share of the principal of the Bonds. For the
<br />assessed value -to -burden ratio for each Taxable Parcel, see "APPENDIX H—Taxable Parcels
<br />in the District."
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<br />Total Assessed
<br />Number of
<br />Total Assessed
<br />Value of
<br />Total
<br />Fiscal Year
<br />Taxable Parcels
<br />Value of Land
<br />Structures
<br />Assessed Value
<br />2001/02
<br />55
<br />$219,644,371
<br />$539,174,437
<br />$ 758,758,408
<br />2002/03
<br />55
<br />244,041,793
<br />642,183,380
<br />882,225,173
<br />2003/04
<br />55
<br />231,002,959
<br />629,347,619
<br />860,350,578
<br />2004/05
<br />55
<br />225,506,947
<br />602,893,430
<br />828,400,377
<br />2005/06
<br />55
<br />234,959 206
<br />627,529,786
<br />862,488,992
<br />2006/07
<br />55
<br />308,897,702
<br />670,050,202
<br />978,947,904
<br />2007/08
<br />55
<br />337,441,526
<br />712,843,443
<br />1,050,284,969
<br />2€308/09
<br />55
<br />399,899,505
<br />745,007,987
<br />1,144,907,492
<br />2009/10
<br />55
<br />409,869,809
<br />710,881,080
<br />1,120,730,389
<br />201,0/11
<br />55
<br />484,415,433
<br />572,695 292
<br />1,057,110,725
<br />201.1/12
<br />55
<br />486,645,305
<br />604.,487,288
<br />1,091,132,593
<br />2012/13
<br />55
<br />401,878,026
<br />756,285,489
<br />1,158,163,515
<br />(1) Aggregate San Mateo County Assessed Values for all Taxable Parcels in the District.
<br />Source: Willdan Financial Services, based on information obtained from County of San Mateo records.
<br />General hiforinatioii Regarding Value -to -Burden Ratios. The value -to -burden ratio
<br />with respect to bonds secured by special taxes will generally vary over the life of those bonds
<br />as a result of changes in the value of the property that is security for the special taxes and the
<br />principal amount of the bonds.
<br />In comparing the aggregate assessed value of the Taxable Parcels within the District
<br />and the principal amount of the Bonds, it should be noted that an individual Taxable Parcel
<br />may only be foreclosed upon to pay delinquent installments of the Special Taxes attributable
<br />to that Taxable Parcel. The principal amount of the Bonds is not allocated pro -rata among the
<br />Taxable Parcels within the District based on assessed value; rather, the principal amount of the
<br />Bonds has been allocated based on the allocation of Special Taxes among the Taxable Parcels,
<br />and the total Special Taxes have been allocated among the Taxable Parcels within the District
<br />according to the Rate and Method.
<br />Economic and other factors beyond the property owners' control, such as economic
<br />recession, deflation of land values, financial difficulty or bankruptcy by one or more property
<br />owners, or the complete or partial destruction of Taxable Parcels caused by, among other
<br />possibilities, earthquake, flood, fire or other natural disaster, could cause a reduction in the
<br />assessed values of the property witl-in the District. See "SPECIAL RISK FACTORS—Property
<br />Value" and "Bankruptcy Delays."
<br />Value -to -Burden Ratio Distribution. The following Table 5 sets forth the distribution of
<br />assessed value -to -burden ratios among the owners of Taxable Parcels based on Fiscal Year
<br />2011-2012 assessed values and their estimated share of the principal of the Bonds. For the
<br />assessed value -to -burden ratio for each Taxable Parcel, see "APPENDIX H—Taxable Parcels
<br />in the District."
<br />-27-
<br />35 RESO. # 15237
<br />MUFF # 505
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